SYMANTEC CORP. $23 (Nasdaq symbol SYMC; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 689.2 million; Market cap: $15.9 billion; Price-to-sales ratio: 2.3; No dividends paid; TSINetwork Rating: Average; www.symantec.com) reported that its sales rose 4.4% in its fiscal 2013 third quarter, which ended December 28, 2012, to a record $1.8 billion from $1.7 billion a year earlier. That’s mainly because businesses are buying more data-security and storage services.
However, rising labour and other costs caused the company’s earnings to fall 0.3%, to $313 million from $314 million. Symantec spent $200 million on share repurchases in the latest quarter. Due to fewer shares outstanding, earnings per share rose 7.1%, to $0.45 from $0.42. The company spends around 14% of its revenue on research.
Symantec now aims to improve its profitability by streamlining its product lines and marketing. As a result, it will cut 5% of its workforce. The company expects to pay $275 million in severance and other costs in fiscal 2014. Symantec did not say how much these moves would save it, but they should help it reach its profit margin (operating income divided by revenue) target of at least 30.0%. The company’s profit margin was 25.6% in the latest quarter.
Savings from the restructuring will also let Symantec pay a quarterly dividend starting in the quarter ending June 30, 2013. The annual rate, likely $0.52 a share, would yield 2.3% based on today’s price.
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